According to the technical analysts at ICN.com, “The pairs failure to stabilize above 0.7990 is very negative, and as we can see on the chart the pair managed to breach the main support for the ascending channel that organized the bullish wave from 0.7454 to 0.8077. Breaching this support makes us expect an extension of the downside move which depends mainly on stability below 0.8080.”
The cross is presently trading in the region of 0.7931, free falling at a rate of -0.55% below its opening level. The pair is threatening to breach its first next support at 0.7930. Should this leve fail to sequester the decline, additional supports are found at 0.7885 and 0.7850. In the upward direction, the pair will look to test resistance at 0.7985, 0.8035, and ultimately 0.8080.